Nigeria recorded N173.96 billion trade deficit in the fourth quarter of 2021.
Statistician-General of the Federation, Dr. Simon Harry yesterday in Abuja put the country’s Its total trade at N11.707 trillion during the quarter.
The National Bureau of Statistics (NBS) report indicated that while the country’s imports were N5.940 trillion, its exports were N5.766 trillion, resulting in the negative trade balance of N173.96 billion. Total trade in fourth quarter 2021 was 11.79 per cent higher when compared to the value recorded in third quarter 2021 with N10.472 trillion. Similarly, export trade grew by 12.27 per cent from N5.136 trillion while import trade grew by 11.33 per cent from N5.336 trillion in third quarter 2021.
Harry said in terms of exports, Nigerian export trade was mainly dominated by crude oil which amounted to N4.269 trillion or 74.04 per cent of total exports during the fourth quarter of 2021.
Harry noted that this was followed by Natural gas, liquefied with N573.85 billion or 9.95 percent, Floating or submersible drilling platforms with N 265.33 billion or 4.60 per cent and Urea, whether or not in aqueous solution with N208.05 billion or 3.61 per cent.
He noted that on the other hand, major products imported were Motor spirit, valued at N1.443 trillion or 24.31 per cent, followed by Durum wheat, valued at N397.19 billion or 6.69 per cent, and rolled iron and steel, others with N88.23 billion or 1.49 per cent.
He noted that the top five major trading partners in exports during the fourth quarter, 2021 were India with N874.86 billion or 15.17 per cent, Spain with N789.23 billion or 13.69 percent, France with N485.35 billion or 8.42 per cent, The Netherlands with N425.85 billion or 7.38 per cent, and Indonesia with N288.10 billion or 5.0 per cent.
He said the top import trading partners during the period were China with N1.652 trillion or 27.82 per cent, Belgium with N613.28 billion or 10.32 per cent, India with N430.38 billion or 7.24 per cent, The Netherlands with N416.52 billion or 7.01 per cent and the United States of America with N340.36 billion or 5.73 per cent.
“Looking at sectoral classifications, 74.04 per cent of total exports during the period under review was crude oil, followed by other petroleum oil products with 11.90 per cent. In terms of imports, 50.51 per cent were manufactured goods, followed by other petroleum oil products with 28.60 percent,” Harry said.
He recalled that on the 17th February 2022, he rolled out the fourth quarter 2021 report of the Gross Domestic Product (GDP), which showed that the economy grew by 3.98 per cent during the fourth quarter of 2021, with oil growth of -8.06 per cent and non-oil growth of 4.73 per cent.
The report, he said, further showed that the service sector has continued to drive the growth of the economy since the recession, contributing 55.11 percent to the real GDP in fourth quarter 2021.
Harry said also, non-oil contributed 94.81 percent compared to 5.19 percent recorded for the oil sector.
